Thirty-three states have now legalized some form of marijuana. In addition, the Hemp Farming Act of 2018 legalized industrial hemp and hemp-derived CBD at the federal level – creating an entirely new industry with accountholders in need of deposit accounts, loans, and other financial products. Will your institution provide services to marijuana-related businesses? Hemp-related businesses? Both?
Many financial institutions are hesitant to serve these businesses due to perceived risks and confusion about marijuana- and hemp-related laws. Where do you start? What are the risks? What initial and ongoing due diligence and reporting will be expected? This session will answer these questions and more.
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